SvmuuNews Ripple's prime brokerage division, Ripple Prime, has completed an asset-backed debt financing of up to $200 million through the specialty finance team of global asset manager Neuberger Berman. The funds will be used to expand margin capacity for institutional investors in cross-market trading across equities, fixed income, and cryptocurrencies, with the actual available amount dynamically adjusted based on client borrowing demand.
This financing, provided by Neuberger Berman's specialty finance division, is a committed credit facility that allows for drawdowns in tranches. Noel Kimmel, President of Ripple Prime, stated that this facility establishes a unified credit structure covering major asset classes, combining blockchain technology with traditional prime brokerage services to enhance clients' financing efficiency and flexibility for cross-asset trading. (Bloomberg)